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GBPUSD is still trapped in the 1.5450-1.5600 range where we can see only three waves down from last week’s high. Also notice that current intra-day rise extended above the 1.5520 level. This means that any previous bearish impulsive interpretation is now invalid.

Therefore, we think that the bullish price action is back in force with a possible test of 1.5600 later this week. Five waves up from a potential wave B) low will confirm the bullish view for the GBP. Until then, don’t chase it. It’s no-man’s-land.

GBPUSD Elliott Wave Analysis for technical currency trading May 8 2013